In a June 28 research note, Haywood Securities analyst Geordie Mark reported that Riley Gold Corp.'s (RLYG:TSX.V; RLYGF:OTCQB) initial drill results from Tokop "outline a promising start to further defining the nature and extent of gold mineralization in the target area."
Mark provided the results, which he noted are from three core drill holes and new rock samples from near surface outcrop and historical workings. They show that Riley Gold achieved what it set out to do, test for gold mineralization in near surface quartz veins and confirm prior surface work.
Overall, "recent drilling shows grade within veins, highlights potential continuity along strike and indicates that gold mineralization is open to depth on this small portion of the project area," wrote Mark.
Specifically, the first two holes, TKR-21C and TKR-22C, showed "appreciable mineralization" from the target vein near surface, at about 30–40 meters (30–40m) downhole, as well as significant widths, Mark relayed. This indicates that mineralization could potentially be extended at depth and, as suggested by hole TKR-23C, along strike to the southeast.
As for specific assays, Mark indicated, hole TKR-21C returned 9.32 grams per ton gold (9.32 g/t Au) over 2.6m at 46.2m downhole, including 17.2 g/t Au over 1.4m.
TKR-22C demonstrated 1.67 g/t Au over 5.1m at 31.9m downhole, including 3.73 g/t Au over 0.4m and 4.02 g/t Au over 0.8m.
TKR-23C showed 2.62 g/t Au over 5.9m at 102.3m downhole, including 4.98 g/t Au over 2.9m.
Regarding the results of recently obtained rock and grab samples, they included 71.73 g/t Au "in sheeted quartz veins and sheared intrusions," Mark wrote.
Riley Gold's current exploration campaign at Tokop, to include drilling of up to 15 more holes, is expected to extend into July.
"High grade gold veins are the primary target for this drilling program, which is employing an intrusion-related gold system targeting strategy on the project area, investigating the potential for gold mineralization to depth, along strike and below cover," wrote Mark.
Riley Gold is trading at about CA$0.59 per share, but Haywood does not have a target price or rating on it.
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